CEFC China Energy buys $9bn stake in Rosneft

CEFC, a private conglomerate with interests in energy and financial services, will take a 14.16 per cent stake in Rosneft after agreeing to buy shares held by Switzerland’s Glencore and the Qatar Investment Authority in an offshore vehicle.

2017-09-27 views 935

CEFC China Energy buys $9bn stake in Rosneft

The Rosneft deal in effect restructures a €10.2bn purchase of shares by Qatar and mining group Glencore in December 2016, and will see CEFC, which has grown rapidly in recent years through acquisitions, become Rosneft’s third-largest shareholder. The Russian state holds a controlling 50 per cent stake, while BP, the UK oil company, owns 19.75 per cent.

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